Setting a budget and a desire to get out of debt are important, however it takes uncovering and addressing the root cause of indebtedness to truly break free from a cycle of debt.
I struggled to find a way out. I’m sure you can relate. I had this longing to break free from that insatiable money pit and yet, no matter how hard I tried to fill that pit, I was not getting ahead. The end of the month approached and already I was in a pinch. You know the picture… I borrowed from Peter to pay Paul. The trouble is that every time we fall back on this method we dig ourselves into a deeper hole. It gives temporary relief and then bites back with a vengeance.
Whether it is due to habitual overspending or wanting to maintain a certain standard of living, or an external circumstance such as an economic or health crisis, a root cause is most likely at issue. Uncovering that cause helps us understand what led to being in debt in the first place.
I can say with confidence that discovering my root cause helped me overcome my money pit. The aha moment hit me about ten years ago. Once I understood and tackled those money-grabbing culprits I was able to be free of debt and stay free . Wait, I can already hear, ”But you don’t understand, my situation is different”. Let me put it in perspective, I was almost 60! It took me a lifetime to understand what kept me sliding into debt over and over again. Don’t think I can’t sympathize. I was a single mom of four with inadequate financial support and holding low paying jobs. Having enough money to make ends meet was an ongoing struggle. I did have a few windfalls but they didn’t keep me from the debt-cycle.
The work of achieving financial freedom began by taking stock and uncovering the source of my debt. Once exposed, the shackles of enslavement to debt began to fall away. I could begin to imagine a future where earnings grow instead of being continuously depleted! To see the positive column of the credit line increase as opposed to having earnings vanish into that bottomless pit of credit payments.
This was not wishful thinking; it became attainable. However, I had to pour all my energies into conquering that money pit. And, yes, you can too. It will be difficult at first and seem insurmountable at times but once progress is visible it will spur you on and energize you to reaching the finish line. It took me a year and half to be debt-free and today I can say that I’ve stayed debt-free and I’m committed to continue living this way.